The Director General (DG) Consumer Protection Council (CPC), Babatunde Irukera has identified competitive competition regulation as a key factor that can promote economic development in Nigeria.

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Irukera noted this while at Inter-Governmental Experts meeting of the United Nations Conference Trade and Development (UNCTAD) in Geneva, Switzerland. His expressed view is that competition is a vital and necessary tool for economic growth in Nigeria

A statement from one of his aides Williams Charles Oluwatoyin states that according to the DG, competition creates entrepreneurs who in turn create jobs and stimulate an economy that not just shows good growth numbers, good but truly translates many from poverty and results in shared prosperity.

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In his words, Irukera explained further that “competition promotes innovation, small businesses, value for money, fair prices, standards and choice.”

In a large vibrant and loyal market such as Nigeria, the absence of broad competition regulation is tragic. It discourages innovation and start-ups, but encourages operator conspiracy, collusion and barriers to market entry, he explains.

Irukera added that it prevents standards, choice and fairness, but promotes exploitation, poor standards and lack of options for consumers.

“It is the otherwise "legitimate" vehicle for both financial and social extortion. We must free the market for the people, especially the poor whose lives will be more affordable and satisfying when they have choices and pay fair prices.”

He also noted that competition provides the prerogative of choice, fairness of price and possibilities of success in business that are most vital components of the true and real empowerment that our nation needs, far more than stomach infrastructure or Okada/ wheelbarrow empowerment.

The UNCTAD was established in 1962 as a regulatory body for international trade and development.